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Archive for June 2010

Although it seems like we already cut a pretty good share of income from our paychecks to satisfy federal income tax demands, most of us had better brace ourselves for a rise in our 2011 federal tax returns as the federal deficit is on track to hit new highs.

Many tax cuts enacted by President Bush in 2001 and 2003 are set to expire in 2010. These cuts were designed to help all income levels: America's low-, middle-, and higher-income workers. The Tax Foundation summarized some of the major changes to the tax code during the last decade:

made more married couples eligible for the earned income tax credit (EITC) and raised the standard deduction for joint filers

More Uncertainty Than in Years Past

As the United States budget deficit hits astronomical levels, we have good cause to worry about what "paying our fair share" means. Usually, a number of tax provisions are legally tied to inflation--and as there's not been too much of that lately, you might think the projected tax provisions won't move much.

That was the case for the 2010 income tax bracket projections. But for 2011, the triple whammy of the deficit, the recession, and scheduled expirations to previous tax code changes makes for some uncertainty. As of this writing,

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This website may be compensated by companies mentioned through advertising, affiliate programs or otherwise.

Advertiser Disclosure: Many of the savings offers
appearing on this site are from advertisers from which this website receives compensation for being listed here.
This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available.

Disclaimer: Because rates and offers from advertisers shown on this website change frequently, please visit referenced sites for current
information. This website may be compensated by companies mentioned through advertising, affiliate programs or otherwise.